Literature review : crowdfunding

Added on - 07 Jan 2020

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Literature Review
TABLE OF CONTENTS2.1 Background............................................................................................................................12.1.1 Crowd-funding Definition........................................................................................12.1.2 Social Entrepreneurship............................................................................................12.1.3 Trust in social entrepreneur......................................................................................22.1.4 Current scenario of Crowd-funding..........................................................................22.1.5 Crowd-funding contribution to MyLegacy..............................................................32.2 Understanding significance of HCI in crowd-funding platforms..........................................32.2.1 Crowd-funding platforms.........................................................................................42.2.2 Definition of HCI and Crowd-funding platforms.....................................................42.2.3 HCI contribution for Crowd-funding platforms.......................................................52.3.1 Define social entrepreneurship.................................................................................62.3.2 Social entrepreneurship platform..............................................................................62.4 Trust in respect to crowd-funding and social entrepreneurship.............................................72.5 Trust and user engagement....................................................................................................9CONCLUSION....................................................................................................................................9REFERENCES...................................................................................................................................11
CHAPTER 2- LITERATURE REVIEW2.1 BackgroundIn this chapter, different sources in respect to Crowd-funding will be evaluated so thatkey aspects regarding MyLegacy can be understand in appropriate manner. This section willprovide information about Crowd-funding in detailed manner. Information in respect to socialentrepreneurship will also be addressed so that objective of research can be accomplished.Objective of research is to establish a secure and trustworthy platform for people and socialentrepreneurs.More specifically the role and contribution of Crowd-funding to MyLegacy willalso be discussed so that research problem can be addressed in desired way.2.1.1 Concept of Crowd-fundingAs per the view of Mollick (2014,pp.1-16), Crowd-funding is considered as practice thatallows entrepreneurs to have participation in funding projects so that better contribution to socialdevelopment can also be provided. It has been noticed that the monetary contribution from largenumber of people is being made using internet services. It has been witnessed that, Crowd-funding is concept which is mostly executed by mail-order subscription, benefit events and othermethods. Belleflamme (2014,pp.585-609) has stated that online networking has beenstrengthened in recent years that it allows to have better practices of communication. As same byusing internet and digital tools number of people are participating in charity programs so thatlivelihood of personnel can be improved in appropriate manner (Schwienbacher and Larralde,2010,pp.313-333).There are number of web portals and platforms that offer crowdfundingservices so charity programs can be accomplished by use of internet.Schwienbacher and Larralde (2010,pp.313-333) have contended that the Crowdsourcingallows having identification of diverse groups that participate in collecting finance. It is a processthat aids in connecting with society by using internet services. By having improved focus onCrowd-funding the social issues can be overcome in appropriate manner because it allows toraise funding. With an improved level of funding better support can be provided to social eventsthat help in development of livelihood of personnels.1
2.1.2 Social EntrepreneurshipAccording to Kuppuswamy and Bayus (2015,pp.20-21), social entrepreneurship isconsidered as process that helps in adopting a business venture techniques so that social issuescan be addressed in appropriate manner. In other words, it allows having effectiveimplementation of innovative solutions that is beneficial to overcome issues in respect to social,cultural and environmental. It has been noticed that the social entrepreneurship is considered asapproach that is applied to variety of organizations with motive of size, aims and beliefs. Hemer(2011,pp.150-200) has asserted that the social services' accomplishment is one of key motivebehind application of social entrepreneurship. In this, people and organizations have attempts tomeet social, cultural and environmental goals which are associated with the voluntary sector. Inother aspect, it can be said that the areas like poverty, health care and community developmentcan be targeted with a help of social entrepreneurship concept.2.1.3 Trust in social entrepreneurAhlers (2015,pp.955-980) has contended that, trust plays a vital role in successfulimplementation of social entrepreneurship. If social entrepreneurship organization does notmaintain the trust within community then goals and objectives cannot be accomplished. Trust isconsidered as relationship between two or more parties, whose key motive is to have benefit ofall mutual parties. It has been noticed that the social entrepreneurship and Crowd-fundingactivities cannot be accomplished as per key standards. It means, trust factor must be wellmaintained in order meet objectives. Ward and Ramachandran (2010,pp.20-150.) have statedthat the transparency aspects can be considered as significant element that may enhance the trustfactor within society. Transparency allows members and society to understand the actual sourcesof money generation so that trust can be developed. Without considering the trust factor, numberof critical issues may be faced by social entrepreneur which might affect the success oforganization. Social entrepreneur need to deal with diverse social groups so that basic needs ofcommunity can be fulfilled. If person or organization does not maintain trust with participantsthen legal issues can also be occur that may affect overall operations.As per the view of Mollick (2013,pp12-15), social technical model of trust can beadopted by entrepreneur to have effective consideration of trust. In this, there are three factorsthat need to be consider by entrepreneur while having focus on crowd-funding. Classification canbe as user intentions of trust, users incentives to use and accept technology and users support to2
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